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Madoff Son's Death in NYC Apartment Ruled Suicide

Sunday, 12 Dec 2010 05:15 PM

 

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NEW YORK (AP) — The hanging death of jailed financier Bernard Madoff's eldest son in New York City has formally been ruled a suicide.

The cause of death for Mark Madoff was released Sunday by the city's medical examiner's office.

The body of Mark Madoff was found Saturday morning hanging in his loft apartment while his 2-year-old son slept nearby. It was the second anniversary of the day his father was arrested in the worst investment fraud in American history.

Mark Madoff had been targeted by authorities as someone who failed to blow the whistle on his father's fraud, but he had maintained that he alerted authorities when his father confessed.

Bernie Madoff is serving a 150-year prison sentence after pleading guilty to fraud charges.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) — He was never charged in the case that sent his father to prison after thousands were swindled of their life savings, but for two years, the eldest son of disgraced financier Bernard Madoff still bore the toxic burden of a name that meant fraud to the world.

On Saturday, the second anniversary of the day his father was arrested in the worst investment fraud in American history, Mark Madoff, 46, was found dead in the living room of his SoHo loft apartment in Manhattan. He was hanging from a black dog leash while his 2-year-old son slept nearby.

People close to him said he was despondent over press coverage of his father's case, an ongoing criminal investigation of Madoff family members in the multibillion-dollar scheme and his struggle to rebuild his life.

The intense scrutiny approaching the anniversary "became too much for him," said a person who had recent contact with him, speaking on condition of anonymity because of the sensitivity of the case.

Mark Madoff's wife, Stephanie, sent her stepfather to the couple's $6 million (euro4.5 million) apartment after he e-mailed her at Disney World in Florida, where she was vacationing with their 4-year-old daughter. In the messages, he told her he loved her and that someone should check on their 2-year-old child, Nicholas, police said. He left no suicide note.

The person who had recent contact with Madoff said he was struggling to find steady employment and was upset by coverage of his father's case, including a slew of stories in the past week about investor lawsuits.

"Mark Madoff took his own life today. This is a terrible and unnecessary tragedy," his attorney, Martin Flumenbaum, said in a written statement. "Mark was an innocent victim of his father's monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo."

Mark Madoff and his brother Andrew, who notified authorities their father had confessed to them the day before he was arrested on Dec. 11, 2008, have said they were unaware of his crimes. But they have remained under investigation and been named in the multiple civil lawsuits accusing them of profiting from the scheme.

Another law enforcement official said Saturday that Madoff's arrest was not imminent, and that investigators pursuing possible charges against him, his brother and uncle hadn't contacted him for more than a year. The official wasn't authorized to speak publicly about the case and spoke on condition of anonymity.

A lawyer for Mark's mother, Ruth Madoff, said, "She's heartbroken." The lawyer, Peter Chavkin, had no further comment.

Bernard Madoff, 72, swindled a long list of investors out of billions of dollars. He admitted that he ran his scheme for at least two decades, cheating thousands of individuals, charities, celebrities and institutional investors. Losses are estimated at around $20 billion (euro15 billion), making it the biggest investment fraud in U.S. history. He is serving a 150-year prison term in North Carolina.

The scandal has resulted in a half dozen arrests of Madoff associates and put a harsh light on members of the family, which has splintered since Madoff's arrest. Both brothers hadn't spoken to their parents since they turned their father in.

The financier's brother, Peter, played a prominent role in the family's company. Mark and Andrew Madoff both worked on a trading desk at the firm, on a side of the business that wasn't directly involved in the Ponzi scheme.

In February, Mark Madoff's wife asked a court to change her last name and the last names of their two children to Morgan, saying her family had gotten threats and was humiliated by the scandal.

A year ago, the court-appointed trustee trying to unravel Bernard Madoff's financial affairs sued several relatives, including sons Mark and Andrew and Madoff's brother, Peter, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family's ill-gotten fortune.

The lawsuit accused Mark Madoff of using $66 million (euro50 million) he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.

The trustee, Irving Picard, continues to try and recover money for investors. On Friday he filed a pair of lawsuits, a $900 million (euro680 million) one against two accountants, and a civil racketeering case accusing offshore bankers of assisting Madoff in his fraud. Taken together, the actions seem to broaden the number of accomplices Picard thinks are responsible in Madoff's decades worth of fraud, even though the financier insisted to authorities that he acted alone.

Bureau of Prisons spokeswoman Traci Billingsley said Saturday she didn't have specific information on whether Bernard Madoff had been informed of his son's death or would be allowed to attend a service. In general, she said, inmates are informed of a relative's death as soon as the institution is made aware of it. The bureau does allow furloughs for prisoners to attend memorial services.

A police officer stood guard in the lobby of Mark Madoff's 12-story luxury loft apartment building in SoHo on Saturday morning. Bystanders gawked as officials from the medical examiner's office removed the body early Saturday afternoon. The medical examiner will determine the cause of death.

Madoff graduated from the University of Michigan and was a licensed broker with his father's firm since 1987. He grew up in Roslyn, New York, and has two other children from a previous marriage, ages 18 and 16.

He and his first wife, Susan, divorced about 10 years ago. She had no comment.

Messages left with Andrew Madoff, Peter Madoff and the father-in-law Martin London were not returned Saturday. No one answered the door at Andrew Madoff's home in Greenwich, Connecticut, and access was blocked to the driveway of his brother's home in another part of town.

The FBI and the U.S. attorney's office declined to comment.

Ronnie Sue Ambrosino, who leads a group of Madoff victims who have been fighting for restitution in the case, said the death is just more evidence of the pain the case has wrought.

"It's sad. It's very, very sad that any life is taken," she said. "It's so wasteful."

She said she doubted any of the victims were taking pleasure in the Madoff family's sorrow. "That's not going to help the Madoff victims find the justice and the restitution they deserve."

___

Associated Press writers David B. Caruso, Verena Dobnik, and Larry Neumeister in New York, John Christoffersen in Greenwich, Connecticut, and Page Ivey in Columbia, South Carolina, contributed to this report.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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